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2008 November 27   13:33

Latvian Shipping Company states net profit of $65.6 mln in Jan-Sep 08

JSC Latvijas kugnieciba (Latvian Shipping Company – LASCO) consolidated unaudited financial report for nine months 2008 shows net profit in the amount of USD 65,6 million, exceeding the amount earned over the respective period a year before by USD 1,7 million. The Net Voyage Result has grown for almost USD 10 million reaching USD 163,9 million during the report period compared to USD 154,3 million last year.

Both, the vessel operating profit (USD 49,6 million) and successful sale of five elderly vessels (USD 45,2 million) have secured the positive LASCO performance results, informed BC JSC Latvijas kugnieciba Head of PR Department Marita Ozolina-Tumanovska.

LASCO assets have grown during the report period reaching USD 928,8 million on September 30, 2008. The LASCO Group equity value has been USD 552,8 million at the end of the report period and the earnings per share (EPS), regardless of the highly unfavorable situation in the global stock markets, have reached USD 0,34 compared to USD 0,32 for the same period of 2007.

All the LASCO shares are being traded publicly at the Official List of Riga Stock Exchange. LASCO shares have comprised more than 50 per cent of the total turnover by the number of shares traded at Riga Stock Exchange – in nine months of year 2008 there have been  2 218 transactions made with 6,36 million LASCO shares for the total value of LVL 7,05 million. 

At the end of September 2008 the fleet in LASCO commercial management consisted of 33 tankers, two LPG carriers and one dry cargo ship. During the report period LASCO has sold three elderly tankers, two reefer vessels and has received a tanker newbuilding Salacgriva. LASCO has been proceeding also with the management of three vessels belonging to other shipowners on time charter basis.

During the nine month period of 2008 LASCO fleet has performed with profit in all the segments regardless of the increase of bunker costs in the first half of the year. Already at the end of July the reduction of oil prices has been observed giving, even if temporarily, a positive impact on the fleet voyage results. Traditionally the largest proportion of the total vessel operating profit has brought the Tanker fleet – 82 per cent, the contribution of the LPG fleet has increased slightly and reached 14 per cent, the share of the Reefer fleet has been 3 per cent, but the dry cargo vessel has brought profit representing slightly more than one percent from the total LASCO vessel operating result.

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